Coinspeaker Justin Sun Addresses Concerns on Revenue Buyback and Burning for SunPump
SunPump.meme, a meme coin generator launched by TRON creator Justin Sun, has achieved remarkable success since its launch. Sun has been vocal about the future potential of SunPump.meme. He has recently addressed a key issue regarding revenue buyback and token burning, which has been a topic of discussion within the SunPump community.
In a post on X (formerly Twitter) on September 3, Sun noted that the community had initially suggested burning liquidity provider (LP) tokens, a method used by other popular meme tokens like Shiba Inu (SHIB). Despite LP token burning having its advantages, including increasing token liquidity depth, it is a complex concept. Sun writes:
“It’s complicated to explain. Many community members don’t fully understand what LP token burning means, which can lead to misunderstandings.”
Notably, the community recently reached a consensus to implement a 100% on-chain buyback and burn process instead after extensive discussions. This approach is simpler to understand and provides complete transparency, as all fund burn records will be available on-chain. Sun expressed his support for this approach, emphasizing that it would be easier for the community to verify and understand.
The crypto community on X largely supported Sun’s approach. ChainsCard chairman Ben Todar highlighted the importance of transparency and simplicity for community trust. However, he cautioned that focusing solely on buyback and burn might miss a key factor: liquidity. He stated that adding liquidity through LP tokens not only deepens the market but also attracts larger investors or “whales,” making it important for token growth and stability.
SunPump’s Success
SunPump.meme, introduced in August 2024, allows users to create their own meme token with minimal capital investment. The concept is similar to Solana’s Pump.Fun, where users can issue new tokens for a small fee.
Once these tokens reach a market value of $69,420, a nod to internet meme culture, they are automatically listed on decentralized exchange platforms. This straightforward and user-friendly approach has made SunPump an instant hit. As per the latest data by Dune Analytics, over 73,300 tokens have been created on the platform since its launch. As a result, SunPump has recorded over $4.5 million in revenue from token launch within a month.
The success of SunPump has had a positive impact on the broader Tron ecosystem. Its native token TRX’s market capitalization has increased by over 30% in the past 30 days, currently sitting at $13.2 billion.
Meanwhile, the SUN token has surged by 231% in the past month. Currently, the SUN token boasts a market capitalization of $322 million. It has seen a slight dip of around 5% in the past 24 hours, trading at approximately $0.0324.
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Justin Sun Addresses Concerns on Revenue Buyback and Burning for SunPump
